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Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Raytheon Technologies Corporation (RTX)

Gainey McKenna & Egleston
·2 min read

NEW YORK, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Raytheon Technologies Corporation f/k/a Raytheon Company (“Raytheon” or the “Company”) (NYSE: RTX, RTN) in the United States District Court for the District of Arizona on behalf of those who purchased or acquired the securities of Raytheon between February 10, 2016 and October 27, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Raytheon investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Raytheon had inadequate disclosure controls and procedures and internal control over financial reporting; (2) Raytheon had faulty financial accounting; (3) as a result, Raytheon misreported its costs regarding Raytheon Company’s Missiles & Defense business since 2009; (4) as a result of the foregoing, Raytheon was at risk of increased scrutiny from the government; (5) as a result of the foregoing, Raytheon would face a criminal investigation by the DOJ; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

Concerns regarding Raytheon’s financial accounting and internal controls over financial reporting were revealed after-market hours on October 27, 2020, when Raytheon filed its quarterly report on a Form 10-Q with the SEC for the quarter ended September 30, 2020. The Form 10-Q reported that “[o]n October 8, 2020, [Raytheon] received a criminal subpoena from the [U.S. Department of Justice (‘DOJ’)] seeking information and documents in connection with an investigation relating to financial accounting, internal controls over financial reporting, and cost reporting regarding Raytheon Company’s Missiles & Defense business since 2009.”

Following this news, the price of Raytheon shares fell $4.19 per share, or 7%, to close at $52.34 per share on October 28, 2020.

Investors who purchased or otherwise acquired shares of Raytheon during the Class Period should contact the Firm prior to the December 29, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.